1 and 2 are obligatory.

A. True.

B. False.

A number of separate statements or sections have been suggested as important elements in a complete set of ‘annual financial statements’.
These include the following:
1. Balance sheet (statement of financial position).
2. Statement of profit or loss.
3. Statement of other comprehensive income.
4. Statement of profit or loss and other comprehensive income.

5. Statement of cash flows.
6. Notes to the financial statements.
7. Management report.
Consider each of the following propositions in relation to IFRS annual financial statements.